Pensions at a Glance: OECD and G Indicators DOI: http://dx.doi.org/.787/pension_glance-5-en ISBN 9789644636 (print) ISBN 97896444443 (PDF) OECD 5 Corrigendum Page 4, Table.A.. Details of pension reforms, September 3-September 5 : Columns on Portugal should read as follows: Country Coverage Diversification and security Portugal Pension benefits Taxes and defined benefit contributions In 5 the pension-income threshold for the CES (extraordinary solidarity surcharge) was changed and applied just to the highest pensions. Indexation Work incentives Administrative efficiency The determination of the sustainability factor, which links the level of pensions to increasing life expectancy, was changed. It will be computed as the ratio between life expectancy in and life expectancy in the year prior to retirement. The sustainability factor will be used to increase the retirement age rather than to reduce retirement pension and applies only to people claiming old-age pension s before the normal retirement age. The retirement age was increased from 65 to 66 in 4. Long-term unemployed can retire at 57. Retirement age will be linked to life expectancy. Other Page 43, United States, the column Coverage should read: My retirement accounts (myras) were announced in January 4 to encourage more to save for their retirement. Contributions will be invested in government bonds and the principal is guaranteed. Final regulations were announced by the US Treasury in December 4, with the programme available from November 5.
Page 49, first paragraph under Minimum pension title, thirs sentence should read: In France, to be eligible for the contributory minimum benefit, being aged at least 6 years and months (6 from 7) and having 4.5 years of contributions, or being aged 65 and over (increasing to 67 by ), are required. However, there is a slightly higher minimum pension in France if more than 3 years of contributions have been made. Page 5, Figure. Years required for minimum pension : the bar for France has been moved as follows: Years 5 Minimum eligibility Full benefit 45 4 35 3 5 5 5 Page 54, Figure.6. Value of first-tier benefits as a percentage of average : data for Switzerland have been changed as follows: % of average 6. Basic (residence) Safety-net Minimum 5. 4. 3....
Page 97, Figure 3.4. The gross pension entitlements of low-, average-, and high-earning workers with unemployment-related career breaks versus workers with unbroken careers : data for Germany have been changed as follows: Panel A. Three-year break for unemployment 5% AW.5 AW AW Relative gross pension entitlement, % % 95% 9% 85% 8% 75% Baseline: % Chile Turkey Hungary Estonia Iceland Mexico Italy Israel Austria Portugal herlands Japan Poland Finland Slovak Republic Switzerland Korea Sweden OECD Belgium Greece Denmark Australia Germany Czech Republic Slovenia Canada Ireland New Zealand Spain United Kingdom United States Norway Luxembourg France Panel B. Five-year break for unemployment AW.5 AW AW Relative gross pension entitlement, % 5% % 95% 9% 85% 8% 75% Baseline: % Chile Turkey Hungary Iceland Estonia Mexico Italy Portugal Israel Austria Poland Finland herlands Japan Switzerland Korea Slovak Republic Belgium Sweden OECD Germany Denmark Greece Luxembourg Australia Czech Republic Canada Ireland New Zealand Spain United Kingdom United States Slovenia Norway France Page 4, Table for Brazil : Baseline scenario: Legislation scenario (wage indexation of minimum pension), the last figure on the right-hand side of the second line of the table should read 44. instead of.44. 3
Page 39, the data for Germany, Greece, Sweden, the United Kingdom and OECD average in Table 6., Figure 6. and Figure 6.3 should read as follows: 6.. Gross pension replacement rates by Individual, multiple of mean for men (women where different) Pension age.5.5 Pension age.5..5 OECD members OECD members (con'd) Australia 67 79.3 (75.7) 44.5 (4.9) 3.9 (9.3) Norway 67 6.8 49.8 38.9 Austria 65 78. 78. 77.6 Poland 67 43. 43. 43. Belgium 65 47.6 46.6 35.3 Portugal 66 75. 73.8 7.5 Canada 67 5. 36.7 5. Slovak Republic 67 7.4 6. 59.3 Chile 65 39.4 (36.7) 3.8 (8.8) 3.9 (8.9) Slovenia 6 44.4 (46.8) 38.4 (4.4) 36. (37.9) Czech Republic 68 78.9 49. 39. Spain 65 8. 8. 8. Denmark 67 7.4 67.8 55. Sweden 65 56. 56. 65. Estonia 65 6. 5.5 46.6 Switzerland 65 (64) 55.7 (55.) 4. (39.9) 6.8 (6.6) Finland 65 55.8 55.8 55.8 Turkey 65 75.7 75.7 75.7 France 63 56.8 55.4 48. United Kingdom 68 43.3.6 4.4 Germany 65 37.5 37.5 37.5 United States 67 44.4 35. 9. Greece 6 79.4 66.7 6.3 OECD34 65.5 (65.4) 64.5 (64.) 5.9 (5.5) 47.8 (47.4) Hungary 65 58.7 58.7 58.7 Iceland 67 8.6 69. 68. Other major economies Ireland 68 69.5 34.7 3. Argentina 65 (6) 8.8 (88.) 7.6 (7.5) 68.3 (65.9) Israel 67 (64) 8.7 (74.7) 6. (54.) 4.7 (36.) Brazil 55 (5) 97.5 69.5 (5.9) 69.5 (5.9) Italy 67 69.5 69.5 69.5 China 6 (55) 94. (86.5) 74. (69) 67.4 (63.) Japan 65 48.8 35. 3.5 India 58 96.5 (9.3) 96.5 (9.3) 96.5 (9.3) Korea 65 58.5 39.3 9.3 Indonesia 55 3. (.8) 3. (.8) 3. (.8) Luxembourg 6 89.5 76.8 7.5 Russian Federation 6 (55) 75. (64.) 75. (64.) 75. (64.) Mexico 65 35. 5.5 (3.6) 4. (.4) Saudi Arabia 45 59.6 59.6 59.6 herlands 67 94. 9.5 89.3 South Africa 6.9.5 7. New Zealand 65 8. 4. 6.7 EU8 65. (65) 69.9 (69.7) 59. (58.8) 54.4 (54.) 6.. Gross pension replacement rates: average earners 5 grr at retirement age grr at age 8 75 5 5 Grey bars: other major eeconomies. 6.3. Gross pension replacement rates: low and high earners 5 GRR Low GRR High 75 5 5 Grey bars: other major eeconomies. 4
Page 4, data for Germany, Greece, Sweden, the United Kingdom, the United States and OECD average in Table 6.4 should read as follows: 6.4. Gross pension replacement rates from public, mandatory private and voluntary private Percentage of individual Mandatory priv ate Mandatory Public (DB & DC) Total mandatory Voluntary DC Total with voluntary.5.5.5.5.5.5.5.5.5.5 Australia 48.4 3.5.9 3.9 3.9 3.9 79.3 44.5 3.9 79.3 44.5 3.9 Austria 78. 78. 77.6 78. 78. 77.6 78. 78. 77.6 Belgium 47.6 46.6 35.3 47.6 46.6 35.3 3.3 3.3. 6.9 59.9 45.5 Canada 44.3 36.7 5. 44.3 36.7 5. 9.3 9.3 9.3 73.5 66. 54.4 Chile 6.8.. 3.7 3.8 3.9 39.4 3.8 3.9 39.4 3.8 3.9 Czech Republic 78.9 49. 39. 78.9 49. 39. 78.9 49. 39. Denmark 56..5.3 5.3 46.3 44.7 7.4 67.8 55. 7.4 67.8 55. Estonia 4. 8.5 4.6... 6. 5.5 46.6 6. 5.5 46.6 Finland 55.8 55.8 55.8 55.8 55.8 55.8 55.8 55.8 55.8 France 56.8 55.4 48. 56.8 55.4 48. 56.8 55.4 48. Germany 37.5 37.5 37.5 37.5 37.5 37.5.5.5.5 5. 5. 5. Greece 79.4 66.7 6.3 79.4 66.7 6.3 79.4 66.7 6.3 Hungary 58.7 58.7 58.7 58.7 58.7 58.7 58.7 58.7 58.7 Iceland 6.8 3.4.3 65.8 65.8 65.8 8.6 69. 68. 8.6 69. 68. Ireland 69.5 34.7 3. 69.5 34.7 3. 3.3 3.3 3.3 99.8 65. 53.5 Israel 3.5.8 7.8 59. 49.3 3.8 8.7 6. 4.7 8.7 6. 4.7 Italy 69.5 69.5 69.5 69.5 69.5 69.5 69.5 69.5 69.5 Japan 48.8 35. 3.5 48.8 35. 3.5 48.8 35. 3.5 Korea 58.5 39.3 9.3 58.5 39.3 9.3 58.5 39.3 9.3 Luxembourg 89.5 76.8 7.5 89.5 76.8 7.5 89.5 76.8 7.5 Mexico 3.5 3.9.6.6.6.6 35. 5.5 4. 35. 5.5 4. herlands 54. 7. 8. 39.8 63.4 7. 94. 9.5 89.3 94. 9.5 89.3 New Zealand 8. 4. 6.7 8. 4. 6.7.4.4.4 9.5 5.5 39. Norway 58. 44. 3.7 4.8 5.9 6. 6.8 49.8 38.9 6.8 49.8 38.9 Poland 43. 43. 43. 43. 43. 43. 43. 43. 43. Portugal 75. 73.8 7.5 75. 73.8 7.5 75. 73.8 7.5 Slovak Republic 47.3 38.9 36. 3. 3. 3. 7.4 6. 59.3 7.4 6. 59.3 Slovenia 44.4 38.4 36. 44.4 38.4 36. 44.4 38.4 36. Spain 8. 8. 8. 8. 8. 8. 8. 8. 8. Sweden 37. 37. 7.4 9. 9. 37.8 56. 56. 65. 56. 56. 65. Switzerland 35.6 3.3 5.6. 6.9. 55.7 4. 6.8 55.7 4. 6.8 Turkey 75.7 75.7 75.7 75.7 75.7 75.7 75.7 75.7 75.7 United Kingdom 43.3.6 4.4 43.3.6 4.4 9.8 9.8 9.8 73. 5.4 44. United States 44.4 35. 9. 44.4 35. 9. 3.6 3.6 3.6 77. 67.8 6.7 OECD34 5.9 4.3 36. 64.5 5.9 47.8 69. 57.6 5.4 Other major economies Argentina 8.8 7.6 68.3 8.8 7.6 68.3 8.8 7.6 68.3 Brazil 97.5 69.5 69.5 97.5 69.5 69.5 97.5 69.5 69.5 China 94. 74. 67.4 94. 74. 67.4 94. 74. 67.4 India 96.5 96.5 96.5 96.5 96.5 96.5 96.5 96.5 96.5 Indonesia 3. 3. 3. 3. 3. 3. 3. 3. 3. Russian Federation 33.7 33.7 33.7 4.5 4.5 4.5 75. 75. 75. 75. 75. 75. Saudi Arabia 59.6 59.6 59.6 59.6 59.6 59.6 59.6 59.6 59.6 South Africa.9...9.. 48.7 48.7 48.7 69.6 48.7 48.7 EU8 6.8 49.3 43.7 69.9 59. 54.4 73. 6. 57.4 DB = Defined benefit; DC = defined contribution. Source : OECD pension models. 5
Page 45, the data for Germany, Greece, Sweden, the United Kingdom and OECD average in Table 6.7, Figure 6.8 and Figure 6.9 should read as follows: 6.7 pension replacement rates by Individual, multiple of mean for men (women where different) Pension age.5.5 Pension age.5.5 OECD members OECD members (con'd) Australia 67 88.6 (84.6) 58. (53.4) 45.9 (4.9) Norway 67 8. 6. 48.6 Austria 65 9. 9.6 88.9 Poland 67 54. 5.8 5.4 Belgium 65 64. 6.9 49. Portugal 66 87.7 89.5 88.4 Canada 67 58.5 47.9 34. Slovak Republic 67 84. 8.6 79.4 Chile 65 48.7 (45.3) 37.7 (33.) 38. (33.4) Slovenia 6 57.6 (6.6) 57.4 (6.4) 55. (57.6) Czech Republic 68 93. 63.8 5.9 Spain 65 89. 89.5 89.3 Denmark 67 3. 66.4 57. Sweden 65 56.7 55.8 7. Estonia 65 76. 59.8 53.5 Switzerland 65 (64) 6.4 (6.7) 46.9 (46.5) 3.5 (3.) Finland 65 66.6 63.5 65. Turkey 65 98. 4.8 9.9 France 63 66.9 67.7 6. United Kingdom 68 5.7 8.5.3 Germany 65 53.4 5. 49. United States 67 54.3 44.8 38.9 Greece 6 8.9 7.9 73.3 OECD34 65.5 (65.4) 74. (73.7) 63. (6.7) 58.5 (58.) Hungary 65 89.6 89.6 89.6 Iceland 67 9.5 76.7 76.3 Other major economies Ireland 68 7. 4. 3.5 Argentina 65 (6) 96.4 (4) 87.5 (87.3) 8.8 (78.4) Israel 67 (64) 85.7 (77.4) 68.8 (6.9) 5.3 (45.) Brazil 55 (5) 5.9 76.4 (58.) 76.4 (58.) Italy 67 8. 79.7 8.6 China 6 (55). (94) 8.5 (75) 73.6 (69) Japan 65 53.3 4.4 35.5 India 58 9.7 (3.8) 9.7 (3.8) 9.7 (3.8) Korea 65 64.3 45. 34.4 Indonesia 55 3.8 (.5) 3.8 (.5) 3.9 (.6) Luxembourg 6 98.4 88.6 83.7 Russian Federation 6 (55) 86.4 (73.7) 86.4 (73.7) 86.4 (73.7) Mexico 65 35.5 8.4 (6.) 8. (6) Saudi Arabia 45 65.4 65.4 65.4 herlands 67.3 95.7 94. South Africa 6.7.8 8.3 New Zealand 65 8.8 43. 3.4 EU8 65. (65) 8.7 (8.4) 7.9 (7.7) 66.4 (66.) 6.8. pension replacement rates: average earners 5 75 5 5 G ross Grey bars: other major economies. 5 75 5 5 Low NRR High NRR 6.9. pension replacement rates: low and high earners Grey bars: other major economies. 6
Page 47, the data for Germany, Greece, Sweden, the United Kingdom and OECD average in Table 6. should read as follows: 6.. Gross and net pension replacement rates from mandatory (public and private) and voluntary pension schemes Percentage of individual Gross mandatory public and private mandatory public and private Total gross with voluntary Total net with voluntary.5.5.5.5.5.5.5.5 Australia 79.3 44.5 3.9 88.6 58. 45.9 79.3 44.5 3.9 88.6 58. 45.9 Austria 78. 78. 77.6 9. 9.6 88.9 78. 78. 77.6 9. 9.6 88.9 Belgium 47.6 46.6 35.3 64. 6.9 49. 6.9 59.9 45.5 8.6 7. 58.6 Canada 5. 36.7 5. 58.5 47.9 34. 73.5 66. 54.4 86. 86. 73.8 Chile 39.4 3.8 3.9 48.7 37.7 38. 39.4 3.8 3.9 48.7 37.7 38. Czech Republic 78.9 49. 39. 93. 63.8 5.9 78.9 49. 39. 93. 63.8 5.9 Denmark 7.4 67.8 55. 3. 66.4 57. 7.4 67.8 55. 3. 66.4 57. Estonia 6. 5.5 46.6 76. 59.8 53.5 6. 5.5 46.6 76. 59.8 53.5 Finland 55.8 55.8 55.8 66.6 63.5 65. 55.8 55.8 55.8 66.6 63.5 65. France 56.8 55.4 48. 66.9 67.7 6. 56.8 55.4 48. 66.9 67.7 6. Germany 37.5 37.5 37.5 53.4 5. 49. 5. 5. 5. 65.6 64.7 63.7 Greece 79.4 66.7 6.3 8.9 7.9 73.3 79.4 66.7 6.3 8.9 7.9 73.3 Hungary 58.7 58.7 58.7 89.6 89.6 89.6 58.7 58.7 58.7 89.6 89.6 89.6 Iceland 8.6 69. 68. 9.5 76.7 76.3 8.6 69. 68. 9.5 76.7 76.3 Ireland 69.5 34.7 3. 7. 4. 3.5 99.8 65. 53.5.7 7. 63.8 Israel 8.7 6. 4.7 85.7 68.8 5.3 8.7 6. 4.7 85.7 68.8 5.3 Italy 69.5 69.5 69.5 8. 79.7 8.6 69.5 69.5 69.5 8. 79.7 8.6 Japan 48.8 35. 3.5 53.3 4.4 35.5 48.8 35. 3.5 53.3 4.4 35.5 Korea 58.5 39.3 9.3 64.3 45. 34.4 58.6 39.3 9.3 64.3 45. 34.4 Luxembourg 89.5 76.8 7.5 98.4 88.6 83.7 89.5 76.8 7.5 98.4 88.6 83.7 Mexico 35. 5.5 4. 35.5 8.4 8. 35. 5.5 4. 35.5 8.4 8. herlands 94. 9.5 89.3.3 95.7 94. 94. 9.5 89.3.3 95.7 94. New Zealand 8. 4. 6.7 8.8 43. 3.4 9.5 5.5 39. 94.8 56.8 44.6 Norway 6.8 49.8 38.9 8. 6. 48.6 6.8 49.8 38.9 8. 6. 48.6 Poland 43. 43. 43. 54. 5.8 5.4 43. 43. 43. 54. 5.8 5.4 Portugal 75. 73.8 7.5 87.7 89.5 88.4 75. 73.8 7.5 87.7 89.5 88.4 Slovak Republic 7.4 6. 59.3 84. 8.6 79.4 7.4 6. 59.3 84. 8.6 79.4 Slovenia 44.4 38.4 36. 57.6 57.4 55. 44.4 38.4 36. 57.6 57.4 55. Spain 8. 8. 8. 89. 89.5 89.3 8. 8. 8. 89. 89.5 89.3 Sweden 56. 56. 65. 58.5 57.8 76. 56. 56. 65. 56.7 55.8 7. Switzerland 55.7 4. 6.8 6.4 46.9 3.5 55.7 4. 6.8 6.4 46.9 3.5 Turkey 75.7 75.7 75.7 98. 4.8 9.9 75.7 75.7 75.7 98. 4.8 9.9 United Kingdom 43.3.6 4.4 5.7 8.5.3 73. 5.4 44. 8.4 6. 54.8 United States 44.4 35. 9. 54.3 44.8 38.9 77. 67.8 6.7 9.5 8.9 78.3 OECD34 64.5 5.9 47.8 74. 63. 58.5 69. 57.6 5.4 79. 68.4 63.9 Other major economies Argentina 8.8 7.6 68.3 96.4 87.5 8.8 8.8 7.6 68.3 96.4 87.5 8.8 Brazil 97.5 69.5 69.5 5.9 76.4 76.4 97.5 69.5 69.5 5.9 76.4 76.4 China 94. 74. 67.4. 8.5 73.6 94. 74. 67.4. 8.5 73.6 India 96.5 96.5 96.5 9.7 9.7 9.7 96.5 96.5 96.5 9.7 9.7 9.7 Indonesia 3. 3. 3. 3.8 3.8 3.8 3. 3. 3. 3.8 3.8 3.8 Russian Federation 75. 75. 75. 86.4 86.4 86.4 75. 75. 75. 86.4 86.4 86.4 Saudi Arabia 59.6 59.6 59.6 65.4 65.4 65.4 59.6 59.6 59.6 65.4 65.4 65.4 South Africa.9.5 7..7.8 8.3 69.6 48.7 48.7.6 54.8 56. EU8 69.9 59. 54.4 8.7 7.9 66.4 73. 6. 57.4 83. 73.4 68.5 Source : OECD pension models. 7
Page 49, the data for Germany, Greece, Sweden, the United Kingdom and OECD average in Table 6., Figure 6. and Figure 6.3 should read as follows: 6.. Gross pension wealth by Individual, multiple of mean Individual, multiple of mean.5..5.5..5.5..5.5..5 OECD members Women Women Australia 4. 7.8 5.8 5. 8. 5.8 Norway.9 9.4 7.3 3.8.8 8.4 Austria 3.8 3.8 3.7 5.8 5.8 5.7 Poland 6.5 6.5 6.5 7.7 7.7 7.7 Belgium 8.3 8. 6. 9.5 9.3 7. Portugal.7.8.6 4.8 3.6 3.4 Canada 8.5 6. 4.3 9.6 7. 4.8 Slovak Republic 9.8 8.6 8..6. 9.8 Chile 6.9 5.8 5.8 7.4 5.8 5.8 Slovenia 9.8 8.5 7.9..6 9.9 Czech Republic. 7.5 6. 4. 8.7 6.9 Spain 4.6 4.6 4.6 7. 7. 7. Denmark 8.3.3 9..4.6. Sweden 9.7 9.7.4.9.9.9 Estonia 8.9 7. 6.7. 8.9 8.3 Switzerland.7 7.7 5..5 9. 6. Finland 9.8 9.8 9.8.7.7.7 Turkey.3.3.3 4.3 4.3 4.3 France.7.4 9..6.3.7 United Kingdom 7. 3.6.4 7.8 3.9.6 Germany 4.5 4.5 4.5 5.7 5.7 5.7 United States 7. 5.7 4.7 8. 6.4 5.3 Greece 5..7.9 6.8 4. 3. OECD34.7 9.6 8.6 3.3.9 9.9 Hungary 8.5 8.5 8.5... Iceland 4.8..9 6.4 3.4 3. Other major economies Ireland.9 6.5 4.3 4.7 7.3 4.9 Argentina.9.3.7 8.4 4.9 3.7 Israel 4.5.7 7. 5.3. 7.4 Brazil 4. 7.3 7.3 6.7 4.5 4.5 Italy... 4. 4. 4. China 7.3 3.7.4.3 6. 4.8 Japan 9. 6.6 5.7.7 7.7 6.7 India 6. 6. 6. 6.9 6.9 6.9 Korea.7 7. 5.3.6 8.4 6.3 Indonesia.3.3.3.3.3.3 Luxembourg.8 7.8 6.8 3.8.4 9.3 Russian Federa 9.6 9.6 9.6.8.8.8 Mexico 6. 4.5 4. 6.6 4.5 4. Saudi Arabia 4.8 4.8 4.8 5.6 5.6 5.6 herlands 7.8 7. 6.9.4 9.6 9.4 South Africa.9.4. 3.6.8. New Zealand 6.6 8.3 5.5 8.5 9.3 6. EU8.3.4 9.5 4..9. Figure 6.. Gross pension wealth for lower earners by gender 3 5 5 5 men BRA (55,5) LUX (6) DNK (67) NLD (67) CHN (6,55) NZL (65) ARG (65,6) ESP (65) IND (58) GRC (6) ICE (67) AUT (65) DEU (65) SAU (45) ISR (67,64) AUS (67) PRT (66) IRL (68) TUR (65) CZE (68) ITA (67) NOR (67) OECD34 RUS (6,55) FRA (63) KOR (65) CHE (65,64) SVN (6) FIN (65) SVK (67) EST (65) SWE (65) JPN (65) HUN (65) CAN (67) BEL (65) USA (67) GBR (68) POL (67) CHL (65) MEX (65) ZAF (6) IDS (55) women Grey bars: other major economies. Figure 6.3. Gross pension wealth for average earners by gender 5 5 5 men wom en LUX (6) NLD (67) ESP (65) IND (58) CHN (6,55) AUT (65) DEU (65) SAU (45) ARG (65,6) BRA (55,5) TUR (65) GRC (6) ITA (67) PRT (66) ICE (67) RUS (6,55) DNK (67) FRA (63) FIN (65) ISR (67,64) SWE (65) OECD34 NOR (67) SVN (6) SVK (67) HUN (65) BEL (65) NZL (65) CHE (65,64) EST (65) CZE (68) KOR (65) AUS (67) POL (67) JPN (65) IRL (68) CAN (67) USA (67) CHL (65) MEX (65) GBR (68) IDS (55) ZAF (6) Grey bars: other major economies. Source: OECD pension models 8
Page 5, the data for Germany, Greece, Sweden, the United Kingdom and OECD average in Table 6.4, Figure 6.5 and Figure 6.6 should read as follows: Table 6.4. pension wealth by OECD members Multiple of individual annual gross Multiple of individual annual gross.5..5.5..5.5..5.5..5 Women Women Australia 4. 7.8 5.8 5. 8. 5.8 Norway.6 7.8 5.8 3.3 9. 6.7 Austria.6.7 9.8 4.4.3.3 Poland 6. 5.7 5.6 7. 6.8 6.7 Belgium 8. 6. 4.4 9.4 7. 5. Portugal.4.6 9.7 4.5.3. Canada 8.5 6. 4.3 9.6 7. 4.8 Slovak Republic 9.8 8.6 8..6. 9.8 Chile 6.9 5.4 5.4 7.4 5.4 5.4 Slovenia 9.8 8.5 7.7..6 9.6 Czech Republic. 7.5 5.9 4. 8.7 6.8 Spain 3.6..5 6. 4.5 3.7 Denmark.4 6.9 5.4.8 7.7 6. Sweden 7.8 7. 8. 8.8 8. 9. Estonia 8.9 6.7 6.. 8.3 7.4 Switzerland 8.5 6. 4. 9.8 7.3 4.8 Finland 9.7 7.9 7.4.5 9.4 8.8 Turkey.3.3.3 4.3 4.3 4.3 France 9.9 9. 7.8.7.8 9. United Kingdom 7. 3.6.4 7.8 3.9.6 Germany 4.5.. 5.7 3.. United States 7. 5.5 4.4 7.9 6. 5. Greece 3.6.6 9.6 5..8.7 OECD34.8 8. 7..3 9.4 8. Hungary 8.5 8.5 8.5... Iceland.3 8.9 8. 3.7 9.9 9. Other major economies Ireland.6 6.3 4. 4.3 7. 4.8 Argentina.5.3 9.3 7.8 3.6.9 Israel 4. 9.8 6.6 4.9.4 6.9 Brazil 4. 7.3 7.3 6.7 4.5 4.5 Italy. 9.6 9..7..3 China 7.3 3.7.4.3 6. 4.8 Japan 8. 5.9 5. 9.4 6.9 5.8 India 6. 6. 6. 6.9 6.9 6.9 Korea.7 7. 5.3.5 8.4 6. Indonesia.3.3.3.3.3.3 Luxembourg 8.9 4.4.4.7 6.5 4. Russian Federa 9.6 9.6 9.6.8.8.8 Mexi co 6. 4.5 4. 6.6 4.5 4. Saudi Arabia 4.8 4.8 4.8 5.6 5.6 5.6 herlands 3.6.3. 5.6.9.6 South Africa.9.4. 3.6.8. New Zealand 4.4 7. 4.8 6. 8. 5.4 EU8.4 8.9 7.8 3..3 9. 8 6 4 8 6 4 Figure 6.5. Gross versus net pension wealth, men, average earner ne t pension we alth gross pension wealth BRA (55,5) IND (58) SAU (45) LUX (6) CHN (6,55) TUR (65) ESP (65) DEU( 65) NLD (67) AUT (65) PRT (66) GRC (6) ARG (65,6) ISR (67,64) RUS (6,55) ITA (67) FRA (63) ICE (67) SVK (67) HUN (65) SVN (6) OECD34 FIN (65) AUS (67) NOR (67) CZE (68) SWE (65) NZL (65) KOR (65) DNK (67) EST (65) IRL (68) CAN (67) CHE (65,64) BEL (65) JPN (65) POL (67) USA (67) CHL (65) MEX (65) GBR (68) IDS (55) ZAF (6) Grey bars: other major economies. 5 Figure 6.6. Gross versus net pension wealth, women, average earner ne t pension we alth gross pension wealth 5 5 IND (58) LUX (6) CHN (6,55) SAU (45) BRA (55,5) ESP (65) TUR (65) ARG (65,6) DEU (65) NLD (67) RUS (6,55) PRT (66) AUT (65) GRC (6) ITA (67) FRA (63) SVN (6) ISR (67,64) SVK (67) HUN (65) ICE (67) FIN (65) OECD NOR (67) CZE (67) KOR (65) EST (65) AUS (67) SWE (65) NZL (65) DNK (67) CHE (65,64) IRL (67) CAN (67) BEL (65) JPN (65) POL (67) USA (67) CHL (65) MEX (65) GBR (68) IDS (55) ZAF (6) Grey bars: other major economies. 9
Page 7, the data for Australia, Austria, Chile, Estonia, Iceland, Italy, Mexico, Poland, Portugal, Slovak Republic, Slovenia, Spain, Turkey and OECD in Table 8.3 and Figure 8.4 should read as follows: 8.3. Income poverty rates by age and gender or latest availbale Older people (aged over 65) Older people (aged over 65) By age By gender Whole Whole By age By gender population population All 65+ 66-75 76+ Women All 65+ 66-75 76+ Women Australia 33.5 3.5 37.8 3. 35.7 4. Korea 49.6 46. 4.6 Austria.4..6 9. 3. 9.6 Luxembourg 3. 3..7 3. 3. 8.4 Belgium.7..4 9.7.5. Mexico 7. 5.3 3. 6. 7.9 8.9 Canada 6.7 6.6 6.9 4.9 8..8 herlands..8.3.7.3 7.9 Chile 8.4 7.7 9.3 6.3 New Zealand 8. 8. 8.5 5.5.5 9.9 Czech Republic.8.7 3..5 3.8 5.3 Norw ay 4.. 6.9.8 6. 8. Denmark 4.6.7 7.4 3. 5.8 5.4 Poland 8..4 5.6 4.4.5. Estonia..3.8 6.9 4.6.3 Portugal 8. 6.4 9.9 6.8 9. 3. Finland 7.8 4..7 5. 9.7 7. Slovak Republic 3.6 3. 4.3.7 5.3 8.4 France 3.8.7 5. 3. 4.4 8. Slovenia 5.8.7.3 8.7.7 9.4 Germany 9.4 8..8 6.3.3 8.4 Spain 6.7 6.4 7. 5.7 7.6 4. Greece 6.9 5.9 8. 5.6 8. 5. Sw eden 9.3 6.6 3.5 6.6.6 9. Hungary 8.6 7.8 9.9 5..6. Sw itzerland 3.4 8.8 3.5 9.8 6.4 9. Iceland.8.8.8.5 3. 6.3 Turkey 7. 5.9 9.3 5.9 8.3 7.8 Ireland 6.9 6.5 7.5 6.9 7. 8.4 United Kingdom 3.4.9 6.6.9 5.5.5 Israel 4. 9.7 3.. 6.4 8.6 United States.5 7.5 7. 6.5 5.6 7.6 Italy 9.4 9.5 9. 6.4.5.7 or latest availbale Japan 9.4 6.6.8 6. OECD.4.9 4.7 8.4.4.3 8.4. Income poverty rates by age 5. Korea 4. Old more likely to be poor Australia 3. Mexico Israel Switzerland United States. Japan Old less likely to be poor Chile Turkey Slovenia United Kingdom. Austria Belgium Germany Estonia Italy Finland Portugal Ireland Greece Canada Denmark Spain Slovka R. Cech R. Luxembourg. Icelandthe herlands... 3. 4. 5. Source: OECD Income Distribution Database, www.oecd.org/social/income-distribution-database.htm
Pages 7 and 8, the graphs and tables for Canada should read as follows: CANADA Pension modelling results: Canada in 6, retirement at age 67 Gross relative pension level.5 Gross replacement rate.5 Earnings-related Basic Targeted Earnings-related Targeted Basic.5.75.5.5.5.5.5.75.5.5.75.5.5.75.5.5.75 and gross relative pension levels.5 Gro ss.5 and gross replacement rates.5 Gro ss.75.5.5.5..5.5.75..5.5.75...5.5.75..5.5.75. Baseline scenario: Legislation scenario (price indexation of targeted schemes) Individual, multiple of average Women (where different).5.75.5 3. Gross relative pension level 5. 9.4 36.7 37.7 37.7 37.7 (% average gross ) relative pension level 3.7 38.4 47.9 49. 49. 49. (% net average ) Gross replacement rate 5. 39. 36.7 5. 8.8.6 (% individual gross ) replacement rate 58.5 48.5 47.9 34. 6.7 9. (% individual net ) Gross pension wealth 8.5 6.7 6. 4.3 3.. (multiple of individual gross ) 9.6 7.5 7. 4.8 3.6.4 pension wealth 8.5 6.7 6. 4.3 3.. (multiple of individual gross ) 9.6 7.5 7. 4.8 3.6.4 Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %. Alternative scenario: Full-wage indexation of targeted schemes Individual, multiple of average Women (where different).5.75.5 3. Gross relative pension level 39. 4.7 46.4 46.9 46.9 46.9 (% average gross ) relative pension level 5. 55.8 6.4 6.9 6.9 6.9 (% net average ) Gross replacement rate 78. 57. 46.4 3. 3.4 5.6 (% individual gross ) replacement rate 9.4 7.4 6.4 4. 33. 3.7 (% individual net ) Gross pension wealth 3.3 9.7 7.9 5.3 4..7 (multiple of individual gross ) 5..9 8.9 6. 4.5 3. pension wealth 3.3 9.7 7.9 5.3 4..6 (multiple of individual gross ) 5..9 8.9 6. 4.5 3. Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %.
Pages 67 and 68, the graphs and tables for Greece should read as follows: Pension modelling results: Greece in 56, retirement at age 6 Gross relative pension level.5 Gross replacement rate.5 Earnings-related Basic Earnings-related Basic.5.75.5.5.5.5.5.75.5.5.75.5.5.75.5.5.75 and gross relative pension levels and gross replacement rates.5.5 Gross Gross.5.75.5.5.5..5.5.75..5.5.75...5.5.75..5.5.75. Baseline scenario: Legislation scenario (price indexation of safety-nets schemes) Individual, multiple of average Women (where different).5.75.5 3. Gross relative pension level 39.7 53. 66.7 93.4 9.4 37.6 (% average gross ) relative pension level 46.5 59.7 7.9 99 4.5 4.3 (% net average ) Gross replacement rate 79.4 7. 66.7 6.3 59.7 45.9 (% individual gross ) replacement rate 8.9 76. 7.9 73.3 75. 6.3 (% individual net ) Gross pension wealth 5. 3.5.7.9.4 8.7 (multiple of individual gross ) 6.8 5. 4. 3..6 9.7 pension wealth 3.6.6.6 9.6 9. 6.9 (multiple of individual gross ) 5..9.8.7. 7.7 Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %. Alternative scenario: Full-wage indexation of targeted schemes Individual, multiple of average Women (where different).5.75.5 3. Gross relative pension level 48.4 6.9 75.4.8 7.6 45.8 (% average gross ) relative pension level 55.4 68.6 8.8 7.6 3.9 5.7 (% net average ) Gross replacement rate 96.8 8.6 75.4 67.9 63.8 48.6 (% individual gross ) replacement rate 98.7 87.5 8.8 79.7 8.3 65.9 (% individual net ) Gross pension wealth 8.4 5.7 4.4.9. 9.3 (multiple of individual gross ).5 7.5 6. 4.4 3.5.3 pension wealth 6. 3.3.9.5 9.7 7.3 (multiple of individual gross ) 7.9 4.8 3.3.6.8 8. Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %.
Pages 356 and 357, the graphs and tables for Sweden should read as follows: Pension modelling results: Sweden in 59, retirement at age 65 Gross relative pension level.5 Gross replacement rate.5 DC (OP) DC Earnings-related DC (OP) DC Earnings-related.5.75.5.5.5.5.5.75.5.5.75.5.5.75.5.5.75 and gross relative pension levels and gross replacement rates.5.5. Gross. Gross.5.75..5.5.5...5.5.75..5.5.75....5.5.75..5.5.75. Baseline scenario: Legislation scenario (price indexation of guarantee pension) Individual, multiple of average Women (where different).5.75.5 3. Gross relative pension level 8. 4. 56. 97.8 37. 5.3 (% average gross ) relative pension level 3. 43. 55.8 94. 3.3 7. (% net average ) Gross replacement rate 56. 56. 56. 65. 68.5 7.8 (% individual gross ) replacement rate 56.7 55.8 55.8 7. 75.5 76.9 (% individual net ) Gross pension wealth 9.7 9.7 9.7.4..7 (multiple of individual gross ).9.9.9.9 3.6 4.3 pension wealth 7.8 7.4 7. 8. 8. 7.5 (multiple of individual gross ) 8.8 8.4 8. 9. 9. 8.4 Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %. Alternative scenario: Wage indexation of guarantee pension Individual, multiple of average Women (where different).5.75.5 3. Gross relative pension level 33.5 4.4 56. 97.8 37. 5.3 (% average gross ) relative pension level 35. 43.4 55.8 94. 3.3 7. (% net average ) Gross replacement rate 66.9 56.5 56. 65. 68.5 7.8 (% individual gross ) replacement rate 66. 56.3 55.8 7. 75.5 76.9 (% individual net ) Gross pension wealth.7 9.8 9.7.4..7 (multiple of individual gross ) 3...9.9 3.6 4.3 pension wealth 9. 7.5 7. 8. 8. 7.5 (multiple of individual gross ).3 8.4 8. 9. 9. 8.4 Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %. 3
Page 37: the graphs and table for the United Kingdom should read as follows: Pension modelling results: United Kingdom in 6, retirement at age 68 Gross relative pension level Gross replacement rate.5 Basic.5 Basic.5.75.5.5.5.5.5.75.5.5.75.5.5.75.5.5.75 and gross relative pension levels and gross replacement rates.5 Gro ss.5 Gro ss.5.75.5.5.5..5.5.75..5.5.75...5.5.75..5.5.75. Baseline scenario: Legislation scenario (wage indexation of basic pension benefits) Individual, multiple of average Women (where different).5.75.5 3. Gross relative pension level.6.6.6.6.6.6 (% average gross ) relative pension level 8.5 8.5 8.5 8.5 8.5 8.5 (% net average ) Gross replacement rate 43.3 8.9.6 4.4.8 7. (% individual gross ) replacement rate 5.7 36.7 8.5.3 6..4 (% individual net ) Gross pension wealth 7. 4.7 3.6.4.8. (multiple of individual gross ) 7.8 5. 3.9.6.9.3 pension wealth 7. 4.7 3.6.4.8. (multiple of individual gross ) 7.8 5. 3.9.6.9.3 Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %. 4